ICBC contributes $200 million USD to $4 billion USD syndicated revolving credit facility to BlackRock for general corporate and working capital purposes in 2019 (Linked to Record ID#110643)

Project narrative

On March 10, 2011, financial close was reached on a deal in which a syndicate of banks entered into a 3.5 billion United States dollar syndicated revolving credit facility with BlackRock, Incorporated — a New York-based global investment management corporation — for general corporate purposes. The loan has undergone several amendments over the years; however, there was no participation by Chinese banks until 2016. On April 8, 2016, financial close was reached on a deal in which a syndicate of 33 banks — including Bank of China — entered into a 4 billion United States dollar syndicated loan agreement with BlackRock, Incorporated — a New York-based global investment management corporation — for general corporate and working capital purposes. This loan was divided into two tranches: a revolving credit commitment of 3,771,000,000 United States dollars and a United States dollar revolving credit commitment of 229,000,000 United States dollars. The maturity of the loan is five years, and the interest rate is the London Interbank Offered Rate plus an applicable margin. The proceeds were used by the borrower for general corporate and working capital purposes, including operational liquidity needs and other financing requirements. While Bank of China contributed 205,000,000 United States dollars to this loan (Record ID#110639), the following lenders also participated: Wells Fargo Bank, National Association (205 million United States dollars), Citibank, National Association (205 million United States dollars), Bank of America, National Association (205 million United States dollars), Barclays Bank Public Limited Company (205 million United States dollars), Credit Suisse AG (205 million United States dollars), Deutsche Bank AG New York Branch (205 million United States dollars), Goldman Sachs Bank USA (205 million United States dollars), HSBC Bank USA, National Association (205 million United States dollars), JPMorgan Chase Bank, National Association (205 million United States dollars), Morgan Stanley Bank, National Association (205 million United States dollars), BNP Paribas (130 million United States dollars), Mizuho Bank, Limited (130 million United States dollars), Royal Bank of Canada (130 million United States dollars), State Street Bank and Trust Company (130 million United States dollars), The Bank of New York Mellon (130 million United States dollars), The Bank of Tokyo-Mitsubishi UFJ, Limited (130 million United States dollars), UBS AG, Stamford Branch (130 million United States dollars), Banco Santander, Sociedad Anónima (79 million United States dollars), Crédit Agricole Corporate and Investment Bank (79 million United States dollars), Nomura International Public Limited Company (79 million United States dollars), Société Générale (79 million United States dollars), The Royal Bank of Scotland Public Limited Company (79 million United States dollars), Australia and New Zealand Banking Group Limited (44 million United States dollars), Banco Bilbao Vizcaya Argentaria, Sociedad Anónima, New York Branch (44 million United States dollars), ING Bank N.V. (44 million United States dollars), Jefferies Leveraged Credit Products, Limited Liability Company (44 million United States dollars), Natixis London Branch (44 million United States dollars), Standard Chartered Bank (44 million United States dollars), Sumitomo Mitsui Banking Corporation (44 million United States dollars), The Northern Trust Company (44 million United States dollars), U.S. Bank National Association (44 million United States dollars), Brown Brothers Harriman & Company (20 million United States dollars), and Stifel Bank & Trust (24 million United States dollars). On April 6, 2017, financial close was reached on a sixth amendment to the existing syndicated facility between BlackRock, Incorporated and its lenders — including Bank of China — maintaining the loan size at 4 billion United States dollars and extending the maturity to five years. The structure of the loan remained unchanged, with the same two tranches and the same use of proceeds. The interest rate remained the London Interbank Offered Rate plus an applicable margin. While Bank of China contributed 215,000,000 United States dollars to this loan (Record ID#110640), the following lenders also participated: Wells Fargo Bank, National Association, Citibank, National Association, Bank of America, National Association, Barclays Bank Public Limited Company, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank AG New York Branch, Goldman Sachs Bank USA, HSBC Bank USA, National Association, JPMorgan Chase Bank, National Association, Morgan Stanley Bank, National Association, BNP Paribas, Mizuho Bank, Limited, Royal Bank of Canada, State Street Bank and Trust Company, The Bank of New York Mellon, The Bank of Tokyo-Mitsubishi UFJ, Limited, Banco Santander, Sociedad Anónima, and Crédit Agricole Corporate and Investment Bank. On April 3, 2018, financial close was reached on a seventh amendment to the syndicated facility between BlackRock, Incorporated and its lenders — now including both Bank of China and Industrial and Commercial Bank of China. The facility size remained 4 billion United States dollars and the maturity remained at five years, with the same interest rate of the London Interbank Offered Rate plus an applicable margin and the same two-tranche structure. While Bank of China contributed 200,000,000 United States dollars (Record ID#110641) and Industrial and Commercial Bank of China contributed 200,000,000 United States dollars to this loan (Record ID#110642), the following lenders also participated: Wells Fargo Bank, National Association, Citibank, National Association, Bank of America, National Association, Barclays Bank Public Limited Company, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank AG New York Branch, Goldman Sachs Bank USA, HSBC Bank USA, National Association, JPMorgan Chase Bank, National Association, Morgan Stanley Bank, National Association, BNP Paribas, Mizuho Bank, Limited, Royal Bank of Canada, State Street Bank and Trust Company, The Bank of New York Mellon, Nomura Corporate Funding Americas, Limited Liability Company, Banco Santander, Sociedad Anónima, Crédit Agricole Corporate and Investment Bank, Société Générale, The Royal Bank of Scotland Public Limited Company (trading as NatWest Markets), MUFG Bank, Limited, Australia and New Zealand Banking Group Limited, Banco Bilbao Vizcaya Argentaria, Sociedad Anónima, New York Branch, ING Bank N.V., Jefferies Leveraged Credit Products, Limited Liability Company, Natixis London Branch, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, The Toronto-Dominion Bank New York Branch, U.S. Bank National Association, Stifel Bank & Trust, and Brown Brothers Harriman & Company. On March 29, 2019, financial close was reached on an eighth amendment to the syndicated facility between BlackRock, Incorporated and its lenders. The loan terms remained unchanged, with a total facility size of 4 billion United States dollars — including a 3.665 billion United States dollar revolving credit commitment and a 335 million United States dollar United States dollar revolving credit commitment — the maturity of the loan is five years, and the interest rate is the London Interbank Offered Rate plus an applicable margin. While Bank of China contributed 200,000,000 United States dollars (Record ID#110643) and Industrial and Commercial Bank of China contributed 200,000,000 United States dollars to this loan (Record ID#110644), all lenders in 2018 also participated. On March 31, 2020, financial close was reached on a ninth amendment to the syndicated facility between BlackRock, Incorporated and its lenders. The total facility size remained at 4 billion United States dollars — composed of a 3.69 billion United States dollar revolving credit commitment and a 310 million United States dollar United States dollar revolving credit commitment — with no changes to interest rate structure or use of proceeds. While Bank of China contributed 200,000,000 United States dollars (Record ID#110645) and Industrial and Commercial Bank of China contributed 200,000,000 United States dollars to this loan (Record ID#110646), all lenders in 2019 also participated. On March 31, 2021, financial close was reached on a tenth amendment to the syndicated facility between BlackRock, Incorporated and its lenders — which increased the total facility size to 4.4 billion United States dollars. All key terms remained in place, including the dual-tranche structure, interest rate, and use of proceeds. While Bank of China contributed 213,000,000 United States dollars (Record ID#110647), China Construction Bank contributed 213,000,000 United States dollars (Record ID#110648), and Industrial and Commercial Bank of China contributed 200,000,000 United States dollars to this loan (Record ID#110649), all lenders in 2020 also participated. On March 31, 2022, financial close was reached on a subsequent amendment to the revolving credit facility between BlackRock, Incorporated and its lenders. The loan size remained at 4.4 billion United States dollars, and the structure, use of proceeds, and interest rate remained unchanged. While Bank of China contributed 229,000,000 United States dollars (Record ID#110650), China Construction Bank contributed 229,000,000 United States dollars (Record ID#110651), and Industrial and Commercial Bank of China contributed 200,000,000 United States dollars to this loan (Record ID#110652), the following lenders also participated: Wells Fargo Bank, National Association ($229M), Citibank, N.A. ($229M), Bank of America, N.A. ($229M), Barclays Bank PLC ($229M), Credit Suisse AG, New York Branch ($229M), Deutsche Bank AG New York Branch ($229M), Goldman Sachs Bank USA ($229M), HSBC Bank USA, National Association ($229M), JPMorgan Chase Bank, N.A. ($229M), Morgan Stanley Bank, N.A. ($229M), BNP Paribas ($150M), Mizuho Bank, Ltd. ($146M), Royal Bank of Canada ($146M), State Street Bank and Trust Company ($146M), The Bank of New York Mellon ($146M), Nomura Corporate Funding Americas, LLC ($140M), Credit Agricole Corporate & Investment Bank ($not listed), Banco Santander, S.A. ($not listed), Societe Generale ($not listed), NatWest Markets plc ($not listed), MUFG Bank, Ltd. ($not listed), Jefferies Leveraged Credit Products, LLC ($not listed), U.S. Bank National Association ($not listed), ING Bank N.V. ($not listed), Natixis London Branch ($not listed), Standard Chartered Bank ($not listed), Sumitomo Mitsui Banking Corporation ($not listed), The Toronto-Dominion Bank New York Branch ($not listed), Australia and New Zealand Banking Group Limited ($not listed), Banco Bilbao Vizcaya Argentaria, S.A., New York Branch ($not listed), and Brown Brothers Harriman & Co. ($not listed). On March 31, 2023, financial close was reached on a further amendment to the revolving credit facility between BlackRock, Incorporated and its lenders. The total facility size remained 4.4 billion United States dollars, and the terms were maintained. While Bank of China contributed 229,000,000 United States dollars (Record ID#110653), China Construction Bank contributed 244,000,000 United States dollars (Record ID#110654), and Industrial and Commercial Bank of China contributed 200,000,000 United States dollars to this loan (Record ID#110655), the following lenders also participated: Wells Fargo Bank, National Association, Citibank, National Association, Bank of America, National Association, Barclays Bank Public Limited Company, Credit Suisse AG, New York Branch, Deutsche Bank AG New York Branch, Goldman Sachs Bank USA, HSBC Bank USA, National Association, JPMorgan Chase Bank, National Association, Morgan Stanley Bank, National Association, BNP Paribas, Mizuho Bank, Limited, Royal Bank of Canada, State Street Bank and Trust Company, The Bank of New York Mellon, Banco Santander, Sociedad Anónima, New York Branch, and Crédit Agricole Corporate and Investment Bank.